Hot on the heels of Sands’ announcement that it is looking to set up a major non-gaming holiday destination in China, just an hour away from their Macau casino properties in a bold move to circumvent non-gambling laws in mainland China by offering all the entertainment goodies in a billion dollar resort hotel complex, news from Seoul seems set to make south-east Asia the next major casino destination.

South Korea's Finance Ministry is reported to have said that investors, led by the contractor HRH Construction, are planning to spend over $3 billion on projects to include the construction of hotels, casinos, golf courses, resorts and commercial buildings. These projects are for the free economic zones of South Korea's Incheon and Kwangyang port cities, where tax breaks and administrative support for foreign companies are on offer.

The group of possible investors includes the Trump Organization, Marriott International, MGM Mirage and Tishman Speyer Properties. Bankers Citigroup and Investment firm Goldman Sachs Group Inc will also have some involvement. Donald Trump Jr., Vice President for Development at Trump Organization, is to arrive in Seoul with other investors on Wednesday. MGM Mirage is part of a second delegation due in October.

The government wishes to make South Korea a business and financial centre in Asia and by 2020 want investments of $176 billion in Incheon's Yeongjong Island, mostly from foreign investors, where the international airport has been built on the reclaimed land. The airport is about one hour's flying time from the densely populated cities of Beijing and Shanghai in China, and it is hoped to develop tourist and leisure attractions on the island.

A team of around 30 US investors is expected to sign a preliminary agreement on Friday, September 17th.


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